Penalties for Late Tax Returns

Swingeing HM Revenue & Customs penalties kick in shortly for those individuals that have not yet filed their 2011-12 Self-Assessment Tax Returns.

Self-Assessment Tax Returns

Anyone whose 2011-12 Self Assessment Tax Return is more than three months late (i.e. not filed by 30 April 2013) will now be charged a further £10 penalty for each day it remains outstanding, up to a maximum of 90 days. This is in addition to the £100 late-filing penalty that will already apply.

Looking ahead, further penalties of at least £300 (or 5 per cent of the tax due, if this is more) will be issued for Returns that are six and twelve months late.

Anyone who has not yet filed their 2011-12 Tax Return can contact us on an urgent basis to discuss their options. It may be possible to file the necessary Return initially on an estimated basis to avoid certain penalties or even have the Tax Return cancelled if you can argue that “Self Assessment” should not apply in your case.

Contact us

If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or customerservice@taxinnovations.com.

On 15 May 2018, the EU reinstated State Aid Approval for the Enterprise Management Incentive (EMI) Scheme, which had lapsed on 6 April 2018. This means that EMI options granted to employees will once again receive a beneficial tax treatment.